CBO Estimates $838 Billion Deficit for First Four Months of FY 2025

The United States borrowed $838 billion in the first four months of Fiscal Year (FY) 2025, including $127 billion in the month of January, according to the latest Monthly Budget Review  from the Congressional Budget Office.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: 

We are just four months into the fiscal year, and we continue to borrow at an alarming rate. We have already borrowed a total of $838 billion this fiscal year – $7 billion per day – with $127 billion of that just from the month of January.  

All of this borrowing is resulting in real consequences. Interest payments on the debt are headed towards $1 trillion annually, and the national debt will pass its World War II-era record in just four years. With policymakers considering fiscal policy with high price tags this year – such as tax extensions, defense spending increases, and other priorities – we need to commit to no new debt and start reducing deficits as part of any new legislation.

The best way we can move forward is for lawmakers across both sides of the aisle to work together to improve our fiscal outlook. Enough is enough. We are on an unsustainable path and the time to fix it is now.  

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For more information, please contact Matt Klucher, Assistant Director of Media Relations, at klucher@crfb.org.